May 2026
đź“Ł VC round data is live. Check it out!
Largest Networking Hardware Public Companies in Sweden
Benchmark revenue and EBITDA valuation multiples for public comps like
Ericsson, HMS Networks, Hexatronic Group, Ependion and Enea.
 | Ericsson provides telecom equipment and services that are primarily used to build and operate mobile networks. The firm divides its business into three segments: networks, cloud and software services, and enterprise. Wireless carriers have traditionally been the firm’s primary customers, but it is pushing to cater more to enterprises as well, as both try to take advantage of 5G capabilities and utilize “as-a-service” communications platforms. The company also licenses its patents to handset manufacturers. | $13 | +55% | $44B | $41B | 1.6x | 7.7x | ||
| HMS Networks AB supplies proprietary, patented technology for intelligent industrial communication. It develops and manufactures solutions for connecting industrial products to networks and gateways, thus enabling interconnection between various networks. The group sells products in various countries, including Germany. It generates the majority of its revenue from the USA, Japan, France, China, Sweden, Italy, and other countries. The brands of the company are Anybus, Red Lion, N-Tron, Ewon, Intesis, Ixxat, Owasys, and PEAK-System. | IoT+2 | $60 | +34% | $3B | $3B | 8.0x | 27.5x | |
| Hexatronic Group AB is a technology group specialized in fiber communications products. The company supplies fiber optic products and solutions, and a complete range of passive infrastructure for telecom companies. The company offers products such as Fiber Solutions, including cables, Microtubules and bundles of microtubules, as well as Accessories for Cables and microducts. Additionally, it provides installation services. Wireless solutions include 5G and Wireless network infrastructure, along with the InOne Powered Fibersystem. For harsh environments, the company offers dynamic cables, Connectivity Solutions, and sensor systems. The company operates in Sweden, Europe (other than Sweden), North America, and APAC, with the majority of revenue from Europe and North America. | $5 | +86% | $1B | $1B | 1.5x | 13.9x | ||
| Ependion AB is an expansive technology group delivering digital solutions for secure control, management, visualization, and data communication for industrial applications in environments where reliability and high quality are critical factors. Its segments are Beijer Electronics and Westermo business. | $16 | +35% | $515M | $575M | 2.3x | 11.8x | ||
| Enea AB is a supplier of software components for telecommunications and cybersecurity. The firm's focus areas are cloud-native, 5G-ready products for the mobile core, network virtualization, and traffic intelligence. More than 4.5 billion people rely on Enea technologies in their daily lives while using mobile phones and connecting to the internet. The company earns revenue by rendering services like Licensesing service, Support & maintenance services, and Professional services. It has a geographical presence in Sweden, Finland, USA, Americas, EMEA excluding Sweden, and Asia. | $10 | +27% | $179M | $210M | 2.1x | 6.6x | ||
| Net Insight AB develops and sells solutions for efficient and reliable real-time transport of media content and time synchronization. Revenue is generated through hardware sales, software licensing, and subscription & support agreements. Within media transport, the company serves service providers, broadcasters, production companies, and rights holders. In the time synchronization business, customers include telecom operators and service providers of 5G networks utilizing Time Division Duplex (TDD) for data transmission, critical infrastructure networks, organizations requiring reliable time and positioning services, as well as utility companies and power grids. Sales are conducted in EMEA, the Americas, and APAC through direct sales and partnerships with resellers and integrators. | $0 | +4% | $154M | $147M | 2.5x | 14.5x | ||
| LumenRadio AB provide ultra-reliable and ultra-low power device-to-device wireless connectivity for the most business-critical applications. The company's scalable solutions are based on patented wireless technology for lighting control, building automation and industrial communication. | IoT+2 | $7 | +12% | $91M | $80M | 3.0x | 18.0x | |
| Alcadon Group AB is a Sweden based company involved in providing products for data and network communication. It offers Commercial Real Estate Networks, Residential network, Fiber network / FTTx and services including Training, Network Design, and Troubleshooting among others. | $4 | +48% | $89M | $115M | 0.7x | 8.4x | ||
| BeammWave AB is a Sweden-based technology company that develops and provides single-chip radio solutions with integrated antennas for 5G and 6G connectivity. The company's products are designed to deliver high-performance, digital beamforming technology at a lower cost and smaller size, making them suitable for various applications like smartphones, IoT devices, and base stations. | $2 | +10% | $77M | $70M | 239.6x | (28.2x) | ||
| Gapwaves AB provides products and services for wireless communication through the patented GAP waveguide technology, it will automotive and telecom to create efficient mm-wave antenna systems that contribute to re-defining everyday life. It focuses currently on two markets; waveguide antennas for radar and wireless communication. It has a geographic presence in Sweden, the EU, and the rest of the world. | $2 | +37% | $67M | $61M | 5.8x | (12.5x) | ||
| TagMaster AB is engaged in technology business sector. The company develops and sells advanced sensor systems and solutions based on radio, radar and camera technologies. The company's products are used in the areas of parking, traffic situations, electronic toll systems, and public transport. The company operates through various business segments that are Traffic and Rail. The Traffic segment generates maximum revenue for the company. Geographically, the company offers its services to the America's, EMEA and Asia Pacific. | $4 | +206% | $65M | $67M | 1.3x | 7.7x | ||
| Waystream Group AB operates in the telecommunications sector. The product portfolio includes switches and routers adapted for the fibre market and associated peripherals, technical support, training, and consulting. Its customer base and target customers are city networks, operators, and real estate companies that own and operate their fibre networks in the Nordic region and Central Europe. | $5 | +17% | $37M | $34M | 2.2x | 13.5x | ||
| Maven Wireless Sweden AB provides solutions for wireless coverage in all parts of the world. It offers end-to-end digital solutions with outstanding performance. The company's products contribute to public safety by ensuring wireless coverage for critical services, and are used in tunnels, on trains, metros, stadiums, buildings and more. | $1 | -28% | $34M | $35M | 1.7x | 313.9x | ||
| KebNi AB is a supplier of reliable technology, products and solutions for safety, positioning and stabilization. The company develops, produces and offers products and applications for stabilization, navigation and satcom. Kebni targets governmental, military and commercial sectors. Its product includes Inertial Sensing and Satcom. | $0 | -44% | $34M | $33M | 2.4x | 29.5x | ||
| InCoax Networks AB develops solutions for broadband access with gigabit speed. The company develops and sells products for broadband access via coaxial cable. The company's products include MoCA access modems, InCoax combine, and InCoax access modems among others. Its customers include LAN operators, FWA operators, Internet service providers, and Hospitality customers. Geographically, the company generates a majority of its revenue from its customers in North America, and the rest from the European Union and other regions. | $0 | +28% | $28M | $27M | 5.2x | (8.0x) | ||
| TCECUR Sweden AB is a TCECUR is a technology-oriented security group that delivers comprehensive solutions with a focus on creating a safe and secure society. The group consists of independent and TCECUR is a technology-oriented security group that independent companies in physical security and secure communications, where local leadership plays a crucial role. Secure Communications, National Security Systems, and Global Security Systems. The National Security Systems includes the majority of its revenue. | $2 | -33% | $19M | $24M | 0.4x | 7.6x | ||
| Exalt AB is engaged as a network contractor and implementing communications networks. The company offers design and installation of types of broadband and communications. It has three business division namely Structured real estate networks, Network technology and security, and Transmission Technology. The group provides a solution on Never wired, installation, activity based office, secure operation and xWDM-Installations. | $0 | +9% | $2M | $2M | 0.4x | 722.3x | ||
| Median | $4 | +27% | $77M | $70M | 2.2x | 11.8x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
Recent Insights
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.